Kentucky Statutes 154.12-050 – Contracting of functions and services
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(1) The cabinet shall have the authority to contract for the provision of any economic development function or service with private firms or public institutions provided that such contracts meet the following conditions:
(a) They are based on competitive requests for proposals;
(b) They incorporate strict performance standards and accountability criteria; (c) They require periodic audit;
(d) They are subject to regular rebidding; and
(e) Where appropriate, they leverage other private and public funds.
(2) Wherever feasible, the cabinet shall contract for the provision of functions and services rather than establishing new governmental structures.
Effective: July 14, 1992
History: Created 1992 Ky. Acts ch. 105, sec. 10, effective July 14, 1992.
(a) They are based on competitive requests for proposals;
Terms Used In Kentucky Statutes 154.12-050
- Authority: means the Kentucky Economic Development Finance Authority, consisting of a committee as set forth in KRS §. See Kentucky Statutes 154.1-010
- Cabinet: means the Cabinet for Economic Development as established under KRS
12. See Kentucky Statutes 154.1-010 - Contract: A legal written agreement that becomes binding when signed.
- public funds: means sums actually received in cash or negotiable instruments from all sources unless otherwise described by any state agency, state- owned corporation, university, department, cabinet, fiduciary for the benefit of any form of state organization, authority, board, bureau, interstate compact, commission, committee, conference, council, office, or any other form of organization whether or not the money has ever been paid into the Treasury and whether or not the money is still in the Treasury if the money is controlled by any form of state organization, except for those funds the management of which is to be reported to the Legislative Research Commission pursuant to KRS §. See Kentucky Statutes 446.010
(b) They incorporate strict performance standards and accountability criteria; (c) They require periodic audit;
(d) They are subject to regular rebidding; and
(e) Where appropriate, they leverage other private and public funds.
(2) Wherever feasible, the cabinet shall contract for the provision of functions and services rather than establishing new governmental structures.
Effective: July 14, 1992
History: Created 1992 Ky. Acts ch. 105, sec. 10, effective July 14, 1992.